A new sports media company has some of the biggest stars on the planet lining up to throw money at it.
Overtime has just secured an $80 million round of fundraising with a list of investors that includes Drake, multiple NBA stars, and the richest person on the planet. Jeff Bezos’ personal investment firm is involved with Overtime, which will distribute original sports content on social media outlets including YouTube, Facebook and Snapchat.
Overtime’s CEO Dan Porter talked about having this A-list team of investors in a statement the company released. ”The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory. We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”
Besides Bezo Expeditions and Drake, NBA studs Devin Booker, Trae Young and Klay Thompson will own a piece of the company. According to Porter, Overtime is streamed more than 1.7 billion times a month across all social platform, and has nearly 50 million social media followers.
On top of cranking out content, Overtime announced a month ago that they will be launching a paid basketball league for talented young basketball stars not interested in going to college.
Overtime Elite will allow 16-18 year old basketball players to earn up to $100,000 per year. The company will also pay the kids up to $100,000 to use for college tuition if they choose to not pursue a professional basketball career.
Overtime Elite also attracted star investors, including Carmelo Anthony and Kevin Durant.